Is Palatine, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Palatine has remained a Seller's Market.

Key Takeaway

Palatine is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Palatine, IL

How much do homes in Palatine, IL cost?

Median Sold Price

$323,483

$203/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$43,487(+15.5%)

Key Takeaway

Homes in Palatine have sold for 15.5% more than they did a year ago.

Summary: The median home sold price in Palatine was $323,483 in March 2024, up 15.5% from last year, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $125K$146.5K
+17.2%
2 $211.3K$236.2K
+11.8%
3 $330.5K$362.5K
+9.7%
4 $450K$481.5K
+7.0%
5+ $600K$556K
-7.3%

Summary: Palatine housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.2%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 7%, and 5+ bedroom homes decreased by 7.3%.

Median Sold Price Compared To Nearby Cities

Palatine
+15.5%
Rolling Meadows
+8.7%
Palatine Township
+7.2%
Inverness
-0.9%
Deer Park
-1.4%

Housing Supply in Palatine, IL

How many homes are available in Palatine, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
168217+29.2%

Summary: The Palatine real estate market had 217 homes for sale in March 2024, a 29.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 1524
+60.0%
2 5570
+27.3%
3 4050
+25.0%
4 4557
+26.7%
5+ 1316
+23.1%

Summary: The Palatine housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes increased by 27.3%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes increased by 23.1%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
4368+58.1%

Asking Price vs. Sold Price

21 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

35 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine, you could pay more than the asking price. 51.5% of homes here sold above asking price last month.

Summary: A total of 68 homes were sold or pending in Palatine in March 2024, up by 58.1% month-over-month. Of the 68 sold homes, 31% were sold under asking, 18% were sold at asking, and 51% were sold over asking.

Days on Market for Palatine, IL

How long does it take to sell a home in Palatine, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
21 Days24 Days+14.3%

Summary: Homes in Palatine had an average of 24 days on market in Mar 2024, up by 14.3% compared to last year.

Breakdown of Home Sale Times

56 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palatine are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 68 homes were sold in Palatine; 82% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 26 Days Ago

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